Chapters 18-25 (except 24) Vocab Quiz Review

sustained (ongoing, continued) increase in the general level of prices

situation in which the government spends less than it collects in revenues

Who is our Secretary of Treasury?

What are the two tools of Fiscal Policy?

decreasing satisfaction or usefulness as additional units are acquired

How much did GDP grow in the second quarter of 2015?

congressional document showing total spending and revenues for a year

annual report filed with local, state or federal government detailing income  and taxes owed.

How old is Mr. Sharp?

CPI stands for

To improve the economy, fiscal policy should _______ taxes and ________ government spending

program using eligibility requirements to provide health, nutritional, or income to individuals

money used to buy the tools and equipment used in production

not having enough resources to produce all the things Mrs. Sharp deserves

If my gross pay is $100, how much is my social security tax?

What is the most likely result of high unemployment?

process by which unions and employers negotiate the conditions of employment

federal program that provides monthly payments to people who are retired or unable to work.

measure of change in price over time of a specific group of goods and services

process by which unions and negotiate the terms of employment

responsiveness of quantity supplied to a change in price

government program that provides health care for the aged.

What was the per capita personal income for Michigan in second quarter of 2015?

This economist thought government intervention can improve the economy.

changing the money supply in circulation

program that provides benefits to offset (correct or balance) a change in people's incomes

Expenditures = Revenues

To make money (pursue profit) businesses should

state laws forbidding unions from forcing workers to join

situation in which the government spends more than it collects in revenues

Pick the item below that is not a final good, and is not counted in GDP.

Who is the United States Secretary of Commerce under President Trump?

To aid or promote with money

the government's use of taxing and spending to affect the economy

alternating periods of growth and decline that the economy goes through

GDP after adjustments for inflation

the next best use of time and money when choosing to do one thing or another

Key words from definition....LEGISLATED LIMITS

Developing nations have plenty of 

The Law of Supply states

a tax that takes a larger percentage of higher incomes than lower incomes.

The Factors of Production include

This form is given to me by my employer in the month of January

Who is the head of the Federal Reserve?

part of the business cycle in which GDP does not grow for six months